Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities consisted of the following as of March 31, 2024 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	149,992	$	7	$	(64)	$	149,935
Commercial paper	33,343		—		(37)		33,306
Corporate notes and obligations	133,840		9		(127)		133,722
Total marketable securities	$	317,175	$	16	$	(228)	$	316,963

Marketable securities consisted of the following as of December 31, 2023 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	128,479	$	124	$	(27)	$	128,576
Commercial paper	47,415		1		(35)		47,381
Corporate notes and obligations	139,747		61		(128)		139,680
Time deposits	4,525		—		(1)		4,524
Total marketable securities	$	320,166	$	186	$	(191)	$	320,161

Schedule of Strategic Investments Activity

Strategic investment activity during the three months ended March 31, 2024 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527
Interest accrued on available-for-sale debt securities	—		—		2		2
Purchases of strategic investments	—		210		—		210
Unrealized gain on strategic investments	671		88		—		759
Balance as of March 31, 2024	$	7,850	$	4,284	$	364	$	12,498

Strategic investment activity during the three months ended March 31, 2023 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043
Interest accrued on available-for-sale debt securities	—		—		2		2
Purchases of strategic investments	—		149		—		149
Unrealized (loss) gain on strategic investments	(1)		37		—		36
Balance as of March 31, 2023	$	7,285	$	3,588	$	357	$	11,230